BioMar hit by Norway competition

FEED company BioMar’s half-year report reveals a decline in its salmon market, although there was better performance in shrimp.

Overall, the group had improved sales and stronger EBITDA compared to H1 2017, with volume up by eight per cent, driven mainly by the new shrimp business unit, Alimentsa, in Ecuador,

The group expects to reach revenue of DKK 10 billion in 2018 but has lowered the full-year forecast by DKK 0.5 billion because of the impact of ‘severe competition’ in Norway.

Despite this, 2018 will be a record year, said the company. It is preparing for growth, constructing factories in Australia and China, as well as installing new lines in Denmark and Ecuador.

And a new research centre dedicated to shrimp farming is being established in Ecuador.

BioMar CEO Carlos Diaz said the group would restore the its salmon markets.

‘We see a strong performance in Ecuador, as well as in our newly established companies in China and Turkey.

‘The competition is merely accelerating our speed of devel- opment. We have already taken initiatives to increase our volumes and to achieve sustainable profitability.

‘There is no doubt that we will continue to take a lead, collaborating with our customers and the industry in general, driving innovation, sustainability and efficiency.

‘I am confident that we have the means to get our growth in the salmon markets back on track.’